Electronic commerce, commonly known as eCommerce, is a type of industry where the buying and selling of products or services is conducted over electronic systems such as the Internet and other computer networks. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, inventory management systems, and automated data collection systems.
To satisfy the needs of eCommerce, new payment systems have been created to facilitate the acceptance of electronic payment for online transactions. These payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking. However, traditional eCommerce payment systems are not well equipped to process frequent payments due to their inability to keep costs for individual transactions low. Additionally, traditional eCommerce payment systems require verifications for each transaction, making the process very inconvenient for users.